Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2011, Abbott and Abbott received the following information:

The expected long-term rate of return on plan assets was 10%. There was no prior service cost and a negligible net loss–AOCI on January 1, 2011.

Required:
1. Determine Abbott and Abbott's pension expense for 2011.
2. Prepare the journal entries to record Abbott and Abbott's pension expense, funding, and payment for2011.

(S in millions) Projected Beefit Obligation Balance, January 1 Service cost Interest cost Benefits paid Balance, December 3T Plan Assets Balance January 1 Actual return on plan assets Contributions 2011 Benefits paid balance, December 31 120 20 12 S 143 S 80 20 100